The auction, which is being conducted online only, kicked off at 10 a.m. Monday and will close at 2 p.m. Thursday.

"The auction itself is called absolute, meaning the property will sell to the highest and most successful bidder," said Lamar Fisher, president of the Fisher Auction Company, who is presiding over the sale.

The property up for sale is a swordfish-shaped island covered with thick woods that has an assessed value of $42,000, according to Lee County property records.

Fisher said a potential drawback for prospective buyers is that owners will need to have the capital to improve the property.

"If you want to build a home, you'll need to put in your well, your septic, your electric. Those are your basic utilities," said Fisher.

And the island can only be accessed by boat, a mere 30 second ride.

Under zoning laws, the highest bidder will be able to build a single family home and other amenities like a boat house or dock.

The island doesn't have a name, but it does have an address,14700 Island 1, Caloosahatchee River, Fort Myers, Florida, 33905.

Fisher is selling the island on behalf of Pan American Fund LLC, which took back the island when its previous owners, Arthur Paul and Pearl Hoffman, turned the property deed over to avoid foreclosure in April 2008.

Those interested in owning their own island must complete an online bidder registration, as well as put into escrow a $50,000 deposit to the auctioneer's settlement agent no later than this Wednesday at 5 p.m.

In 2006, Fisher Auction held the largest land auction to date, Fisher said. They sold 2,100 lots over a three week period in North Port, Fla., for $65 million.

But Fisher says it's very rare to sell a private island, online or off.

"We did sell a private island in the Bahamas four years ago," said Fisher. "It was the first private island to be sold at auction, as well as online."

The property sold for $7.5 million, and boasted three homes, as well as a landing strip.

When asked what he thinks the property will sell for, Fisher said, "That is the magic question, we'll just have to wait and see."